12 Responses to “Personal Finance for Muslims (Omar Usman)”

Start small. Start it now. Every time we get our pay, 10% is not for us.
Its for the society. Transfer the fund to any organisations or better still
to family members, friends and siblings in need. Make it a habit. ﻿

The purpose of a religion is a selfish to become a selfless (Muslimeen).
The purpose is lost, prehistorical traditions & culture remains. Understand
your re-legion ‘TRUE ESSENCE OF RELIGIONS’ To unite all

Indeed this discourse is missing. While I was an Intermediate CA
Student(now in IT),I would often think about this. I sometimes feel really
sad, when someones asks you about Riba(Usury), you say it is haraam, but
where are the Halaal options. One thing that I did established is that
patience is key, when dealing with *desires* that you want to fulfill with
Usury. Instead fulfill your *needs* with halaal. JazzakAllah Khair brother
Omar for doing this, really looking forward to future talks.

My speakers aren’t plugged in unfortunately, but if the Interest earned on
your deposit does not exceed inflation, then it is wrong to claim that is
haram. In such a case your wealth never increased. Someone once told me
owning stocks is haram, which is what happens when Muslims are reactive and
do not use logic.

Inflation happens where there’s an increased supply of money in the market,
which happens when the banks borrow money from it’s clients (people like
you and I) and loan it out to others (multiplying and making new money out
of nothing) and thus feeding inflation further. Accepting interest from a
bank is participating in the increase of inflation. Interest, accepting and
paying is haraam as a default. Only exception I’ve learned about is when
you borrow money from yourself/property (ie 401k)

Very important topic for all communities. Dave Ramsey has even packaged his
course for churches and is presenting it as the foundation for
institutional fund raising is to get families out of debt first.